China Southern reports profit drop on fuel costs

BEIJING ? China Southern Airlines Ltd., China's biggest state-owned carrier by number of passengers, says its quarterly profit fell 74 percent due to high fuel costs.

China Southern said Friday its profit for the three months ended March 31 was 319 million yuan ($50.6 million).

It blamed the decline on higher fuel costs and a slowdown in the rise of the exchange rate of China's currency against the dollar.

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